Re-Finance Program for VetsLast
Edited/Published -
Sunday, December 21, 2008 03:19 PM |
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| For the past year or so, the
economic condition of our nation has been splashed all over the Paper News
Media, TV, Radio, the WEB and heck... I even think I saw a courier pigeon
delivering some bad economic news the other day. Not really... but it
has been nuts, not only on Wall Street but on Main Street as well. We are always on the hunt for new finance platforms for our members and clients. And... to that end, we have some really cool information to share with our Vets, active duty and retired in all branches who qualify for a VA Guaranteed Home Loan. This is a national finance tool that could help thousands, perhaps hundreds of thousands of Vets, who are stuck in adjustable rate sub-prime mortgages. For our Vets! Sponsored by Senator Daniel K. Akaka of Hawaii - House Armed Services Committee, in December 2007, the bill was originally simply a resolution supporting the goals and ideals of a National Medal of Honor and to celebrate and honor the recipients of the Medal of Honor on the anniversary of the first award of that medal in 1863. The original bill did not contain any provisions for VA Loan Modifications. However around May of 2008 Senator Akaka introduced S. 2961 a bill to amend title 38, United States Code, to enhance the refinancing of home loans by veterans. Finally in June of 2008 the bill was passed unanimously by the Senate and subsequently signed into law by President Bush on October 10th 2008. So what is the new law? Simply put the new law states;
*** SOURCE
"...The new law makes changes to VA's home loan
refinancing program. Veterans who wish to refinance their subprime or
conventional mortgage may now do so for up to 100 percent of the value of
the property. These types of loans were previously limited to 90 percent of
the value. Click here for a complete copy of the new VA Instruction Letter. (PDF format) What a GREAT tool for our Vets to have at their disposal. Now... the next thing in my cross hairs is to see if Vets with mortgages that encumber the home for more than current market value, will be successful in getting the banks who hold those notes to release and discharge their debt and allow the Vet to secure a VA loan at the current market value. If this can happen, tens of thousands of Vets could finally find relief in this collapsing economy. We'll report on more GREAT finance options for non-military buyers in our next post. Do you want to learn more financing under the
VA Loan Platform? Lori & G-II are licensed REALTORS® with Coldwell Banker Residential Brokerage, specializing in VA Buyer Representation. They can be reached by cell phone at either 602.574.5674 for Lori or 602.796.5674 for G-II or via eMail at Lori.and.G-II@GoAirForceHomes.info. |
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This article written by "G-II" Varrato II, Coldwell Banker Residential Brokerage. All rights reserved